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International Trade Quiz 101 (25 MCQs)

Quiz Instructions:

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1. Headquarter of CIS is _____
2. What is the impact of trade barriers on consumers?
3. If you are the director of the purchasing department of the large supermarket in Dreamtime, and you purchase a batch of meat from overseas on behalf of the supermarket and put it for sale in the supermarket, does your purchase belong to international trade?
4. Many different cultures are lost as the world begins to interact more and more.
5. Another difference between domestic and international trade is that factors of production such as capital and labor are typically _____ within a country than across countries.
6. If competition causes an economy to be more efficient, what effect will that efficiency have?
7. A depreciation of the exchange rate of the pound sterling against the US dollar from £1:$1.50 to £1:$1.00 must mean that A the pound will be undervalued. B US imports from the UK will become more expensive. C UK imports from the US will become cheaper. D dollars will become more expensive in terms of pounds.
8. When a countries exports exceeds its imports
9. A policy that the government can choose to support export is by giving _____
10. Be flexible:you have to learn to think outside the _____
11. Which country has the most voting power at the World Bank?
12. What does the USA consume the most of (world wide), but produce little of, to where we have to trade?
13. How many types are there in International trade?
14. Tariffs and quotas can have all of the following effects EXCEPT
15. What year are INCOTERMS currently used?
16. Goods and services purchased from other countries.
17. Comparative advantage exists when a person or a country can produce a good or service at a lower _____ than others.A. Fixed costB. Total costC. Marginal costD. Variable costE. Opportunity cost
18. _____ is when a country is better off producing goods and services compared to another country.
19. The phrase 'invisible-hand' as purported by Adam Smith as the logic behind market motivation refers to
20. What do you call the ability to monitor exchange rate?
21. Import quota refers to_____
22. Approaches to green management include the_____
23. What is MOST LIKELY to happen US imports and exports if the US dollar appreciates relative to other currencies?
24. Which of the following effects does NOT occur when a country becomes an exporter?
25. The theory of _____ states that countries should produce products that they could effectively produce more than other countries, and just trade for products that they don't effectively produce compared to other countries.
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